9 Notes to Interim Consolidated Financial Statements (Unaudited) 1. BASIS OF PRESENTING INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying interim consolidated financial statements of KYODO PRINTING CO., LTD. (the Company ) and its consolidated subsidiaries (together, the Group ) have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Act and its related accounting regulations and in accordance with accounting principles generally accepted in Japan, which are different in certain respects as to the application and disclosure requirements of International Financial Reporting Standards. The accounting standard for quarterly financial statements requires companies to prepare a set of interim consolidated financial statements for each quarter comprised of the consolidated balance sheet as of the current quarter-end and the consolidated statements of income, and comprehensive income, and cash flows for the year-to-date period. A statement of changes in equity is not required. The interim consolidated statements of changes in equity are not presented herein. In preparing these interim consolidated financial statements, certain reclassifications and rearrangements have been made to the interim consolidated financial statements issued domestically in order to present them in a form which is more familiar to readers outside Japan. The interim consolidated financial statements are stated in Japanese yen, the currency of the country in which the Company is incorporated and operates. The translations of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of to $1, the approximate rate of exchange as of,. Such translations should not be construed as representations that the Japanese yen amounts could be converted into U.S. dollars at that or any other rate. Japanese yen figures less than a million yen are rounded down to the nearest million yen except for per share data. U.S. dollar figures are translated from millions of yen and rounded down to the nearest thousand dollar except for per share data. 2. SIGNIFICANT ACCOUNTING POLICIES Substantially the same accounting policies have been followed in these interim consolidated financial statements as were applied in the preparation of the consolidated financial statements for the year ended March 31,, with certain simplified methods, except for the policy specifically allowed and adopted for interim accounting periods described below. Tax Expense Tax expense for interim period is measured by applying a reasonably estimated effective tax rate for this fiscal year as adjusted after tax effect accounting to income before income taxes for the interim period. 3. CHANGES IN ACCOUNTING POLICIES Application of Revised Accounting Standard for Business Combinations, etc. Effective from the three-month period ended,, the Group applied Revised Accounting Standard for Business Combinations (Accounting Standards Board of Japan (the ASBJ ) Statement No. 21, September 13, 2013; hereinafter, the Business Combinations Accounting Standard ), Revised Accounting Standard for Consolidated Financial Statements (ASBJ Statement No. 22, September 13, 2013; hereinafter, the Consolidation Accounting Standard ), Revised Accounting Standard for Business Divestitures (ASBJ Statement No. 7, September 13, 2013; hereinafter, the Business Divestitures Accounting Standard ), and other pronouncements. Accordingly, the Group recorded changes in the Company s ownership interest in a subsidiary in the case where the parent retains control over the subsidiary as capital surplus, and changed to the method where acquisition-related costs are recorded as expenses in the fiscal year of incurrence. With respect to business combinations to be implemented after the beginning of the three-month period ended,, the Group changed to the method where revisions to the allocation of acquisition costs due to finalizing amounts from the 8

10 provisional accounting treatments are reflected in the interim consolidated financial statements for the period in which the business combination was carried out. In addition, the change of the presentation method of net income and other accounts and the change of minority interests to non-controlling interests were made. The interim consolidated financial statements for the three-month period ended, 2014 and the consolidated financial statements for the year ended March 31, were reclassified to reflect such changes in presentation method. In the interim consolidated statement of cash flows for the three-month period ended,, cash flows arising from purchase or sales of investments in subsidiaries not resulting in change of scope of consolidation were recorded under FINANCING ACTIVITIES, and cash flows relating to acquisition-related costs of investments in subsidiaries resulting in change of scope of consolidation and costs arising from purchase or sales of investments in subsidiaries not resulting in change of scope of consolidation were recorded under OPERATING ACTIVITIES. The Business Combinations Accounting Standard and other pronouncements are applied transitionally as provided for in paragraph 58-2 (4) of the Business Combinations Accounting Standard, paragraph 44-5 (4) of the Consolidation Accounting Standard and paragraph 57-4 (4) of the Business Divestitures Accounting Standard, and are applied prospectively from the beginning of the three-month period ended,. There were no effects of this change on profit or loss. 4. SUPPLEMENTARY CASH FLOW INFORMATION Cash and cash equivalents as of, and 2014 consisted of the following:,, 2014, Cash and time deposits 16,531 14,917 $ 134,968 Time deposits exceeding three months to maturity (283) (280) (2,310) Cash and cash equivalents 16,247 14,637 $ 132,650 9

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